Cargo giant FedEx Corporation (NYSE: FDX) has reported an increase in fourth-quarter adjusted earnings and revenues. The company also provided guidance for fiscal 2023.
Net income, adjusted for special items, moved up to $6.87 per share in the most recent quarter from $5.01 per share in the year-ago period. Meanwhile, unadjusted profit declined sharply to $558 million or $2.13 per share from $1.87 billion or $6.88 per share a year earlier.
Total revenues increased 8% year-over-year to $24.4 billion during the three-month period. The results benefitted from the parcel delivery firm’s revenue management actions, which were partially offset by global volume softness due to COVID lockdowns, geopolitical uncertainty, and slower economic growth.
“Our foundational investments have set the stage for a strong fiscal 2023. As we move forward, our focus will be on revenue quality and lowering our cost to serve. I am honored to lead our dedicated global team who enable FedEx to lead the industry from a position of strength,” said FedEx’s CEO Raj Subramaniam.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Shares of Hormel Foods Corporation (NYSE: HRL) were down over 1% on Monday. The stock has dropped 29% year-to-date. The food company is set to report its fourth quarter 2023 earnings
The Kroger Co. (NYSE: KR), a leading grocery retailer that operates both in-store and online, will be reporting earnings this week. The company, which is preparing to acquire rival retailer
Salesforce, Inc. (NYSE: CRM) achieved accelerated sales growth and profitability in recent quarters, in line with its transformation goal. The customer relationship management platform bets on new opportunities in generative